Rumor: Travel SNS Mafengwo Lands USD 15 Mln Series-B Funding
Donews, 10/11/12
An industry source revealed today that Chinese travel SNS Mafengwo began talks for second-round funding in April and May of this year, and reached an initial deal for USD 12 mln in funding in July. At the time, Mafengwo's revenues from air ticket and hotel reservation commissions totaled several tens of thousands of RMB per day, while revenues from advertising and other sources totaled several tens of millions of RMB per year. Mafengwo CEO Chen Gang later felt USD 12 mln to be on the low side, and the site began looking for new investors between August and September for a USD 15 mln second round of funding.
Following the funding, Mafengwo will be valued at more than USD 80 mln. The source said that investors for the second round of funding had conducted a financial audit of the company, adding that first-round investor Capital Today would also take part in the new round.
Editor's Note: For more information on this topic, please see "Mafengwo Lands USD 5 Mln in First-Round Funding," MD 10/25/11 issue.
Keywords: VC valuation Chen Gang Internet funding SNS Capital Today second-round Mafengwo online travel
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